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Stock Futures Today
On Monday, the DJIA continued to rally to its seventh winning session in eight days, fueled by better than expected quarterly earnings reports. Meanwhile, the Nasdaq hit its third-straight record high as technology stocks continued to push the exchange higher.
Top News in the Stock Market Today
- The Stock Market Today: This morning, a light editorial calendar and fading concerns over Greece's debt crisis will continue the market's focus on June-ending earnings reports. Meanwhile, metals prices remain in focus after a gold "flash crash" took the yellow metal down 4.2%, or about $50, in a matter of seconds late Sunday night to its lowest level since March 2010.
- Oil Outlook: Oil prices slumped to their lowest levels since April on Monday. They remained largely flat this morning after the dollar declined and concerns about oversupply persisted. WTI crude futures for September were up marginally at $50.17 per barrel. Meanwhile, Brent oil prices slipped 0.1% to hit $56.72 per barrel.
- Earnings Reports: Companies reporting earnings today include ACE Ltd. (NYSE: ACE), Apple Inc. (Nasdaq: AAPL), Baker Hughes Inc. (NYSE: BHI), Eastern Co. (NYSE: EML), GoPro Inc. (Nasdaq: GPRO), Harley-Davidson Inc. (NYSE: HOG), Lockheed Martin Corp. (NYSE: LMT), Microsoft Corp. (Nasdaq: MSFT), Verizon Communications Inc. (NYSE: VZ), and Yahoo! Inc. (Nasdaq: YHOO).
Pre-Market Movers in the Stock Market Today: IBM, AAPL, SHAK, FCAU
- Pre-Market Movers No. 1, IBM: Shares of International Business Machines Corp. (NYSE: IBM) slipped more than 5% after the company reported its 13th consecutive quarter of year-over-year revenue declines. The firm said that its second-quarter earnings slipped 17% compared to the same period last year. The company hasn't been able to provide investors with enough confidence in its quest to overhaul its business and focus on sales in data analytics and cloud-computing technology.
- Pre-Market Movers No. 2, AAPL: Today's biggest earnings report will come after the bell with tech giant Apple Inc. (Nasdaq: AAPL) announcing its numbers. Shares of Apple stock are up more than 0.4% as investors appear highly optimistic about the company's third-quarter numbers. The company also announced that it has hired Doug Betts, the former head of global quality of Fiat Chrysler Automobiles NV (NYSE: FCAU). The hiring could be a signal the company is accelerating its plans to manufacture an electric vehicle.
- Pre-Market Movers No. 3, SHAK: Shares of Shake Shack Inc. (NYSE: SHAK) slipped more than 4% in pre-market hours after a few of the company's largest shareholders announced plans to sell roughly 4 million Class A common stock in a secondary offering. The company will not receive any of the profits from the sale, just the shareholders, which includes several private equity firms.
Stocks to Watch Today: HD, LOW, PYPL, QCOM
- Stocks to Watch No. 1, DB: Analysts Mike Baker and Adam Sindler at Deutsche Bank AG (USA) (NYSE: DB) have issued warnings for home retailers Home Depot Inc. (NYSE: HD) and Lowe's Companies Inc. (NYSE: LOW) heading into the September-ending quarter. The analysts stated that sales of building materials, garden equipment, and supplies were up just 0.2% over the last two months, which weakens their outlook for the two industry giants below consensus earnings expectations.
- Stocks to Watch No. 2, PYPL: Shares of PayPal Holdings Inc. (Nasdaq: PYPL) jumped about 6% yesterday after its official spin-off from former parent eBay Inc. (Nasdaq: EBAY). The spin-off has given PayPal a larger market capitalization level than its former parent and knocked eBay off the Fortune 100 list. The stock was up more than 1.1% in pre-market hours.
- Stocks to Watch No. 3, QCOM: Semiconductor giant Qualcomm Inc. (Nasdaq: QCOM) may consider a number of recommendations from activist investor Jana Partners to boost shareholder value. These options include the possibility of a breakup, a cost reduction program, and a stock buyback program. The firm also said it will consider shaking up its board of directors, although its executives have endorsed its current makeup.
Today's U.S. Economic Calendar (all times EDT)
- Redbook at 8:55 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.
What Investors Must Know This Week
- The Top Three High-Return Investments to Buy Today
- Is Netflix Stock a Buy After Stock Split and Earnings Beat?
- The Real Impact of the Iran Nuclear Deal on U.S. Oil Prices
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.